Banks And Cryptocurrency: They Are On The Ropes
The banking industry is holding on for dear life. Facebook's announcement of the Libra sent shockwaves throughout the banking sector. There is now a bill in the U.S. Congress to ban technology companies from creating their own digital currency.
This would be a major win for cryptocurrency. The banks are done, it is just a matter if it happens quickly or slowly. Libra is the immediate threat because it can achieve adoption quickly. However, cryptocurrency is the real threat in the long term since the benefits outweigh dealing with the hassles of the banks.
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I'm not sure who would be scarier with more power: Facebook or the banks.
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It is a coin toss that is for sure.
If I had to guess, and this is wild speculation, but Libra might be a step in the process....it takes out the banks and them more people realize the value of cryptocurrency.
Entirely possible. However, regulators who have been on the fence about crypto as a whole have been coming down hard on the idea of Libra.
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Never underestimate the power of illegal laws.
Check out this article from FORBES / Donald Trump I just came across this morning when I was reading up on the latest Bitcoin news:
https://www.forbes.com/sites/billybambrough/2019/07/13/donald-trump-just-made-bitcoin-a-2020-election-issue/#4fbe332e2db2
Upped and resteemed
That's interesting! Getting this much attention can't be bad.
Fuck you old banking i like crypto
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Dude, you are talking my language. We are taught that there's not enough (scarcity) when this planet clearly provides an abundance.
I appreciate the way that you are discussing the monetary system in terms that anyone can understand. Thanks!
This is the case, especially if one can rembemer bad QE policies of Fed and ECB https://liberalismbook.blogspot.com/2019/05/dollarzone-and-eurozone-failures.html
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